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The soybean derivatives market size is forecast to increase by USD 91.35 billion at a CAGR of 6.29% between 2023 and 2028. The market is witnessing significant growth due to the increasing demand for essential amino acids, low saturated fats, and cholesterol-free food products. With the rise in vegetarian and vegan diets, the market for soybean derivatives is expanding in sectors such as baked goods, snacks, and dairy alternatives. Soybeans are a popular alternative protein source, offering nutritional benefits and catering to the dietary needs of consumers. Additionally, the presence of soybean substitutes, such as pea and rice proteins, is driving competition and innovation in the market. Overall, the growing health consciousness and shift towards plant-based diets are key trends influencing the growth of the market.
The market is witnessing significant growth due to the increasing popularity of vegan and vegetarian diets, which are driving demand for soy-based health products. Soybeans offer high-quality protein, and essential amino acids, and are cholesterol-free, making them an ideal alternative to animal-derived protein sources. The food industry is utilizing soybeans to produce a wide range of plant-based food alternatives, including tofu, soy milk, soy protein isolates, and soy-based meat substitutes. Soybean derivatives also find extensive applications in the biodiesel industry, as soy oil is a primary feedstock for biodiesel production. In addition, soy meal, a byproduct of oilseed crushing, is widely used as animal feed.
Furthermore, the functional ingredients segment, which includes lecithin, is also witnessing growth due to its use as an emulsifier and stabilizer in various industries, including food and pharmaceuticals. The nutritional properties of soy-based ingredients, such as low saturated fats and high protein content, make them an attractive alternative to traditional animal-derived ingredients in processed food.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The soy oil segment is estimated to witness significant growth during the forecast period. Soybean derivatives, including Soy Meal, Soy Oil, Soy Milk, and Soy Flour, hold significant importance in various industries such as Animal Feed and the Food Industry. Soybean Oil, recognized for its health benefits, is a preferred choice in the food industry due to its low saturated fat content, essential fatty acids, and rich vitamin E profile. Its neutral flavor and high smoke point make it suitable for diverse culinary applications, including frying, sautéing, baking, and salad dressings. The increasing health consciousness among consumers has led to a rise in demand for healthier cooking oil alternatives, with soybean oil being a top pick.
Furthermore, the rise in the adoption of plant-based and vegan diets has fueled the demand for plant-derived cooking oils. In addition to its use in the food industry, Soybean Oil is also utilized in Biodiesel Production as a renewable source of fuel. The global market for Soybean Derivatives is expected to witness steady growth due to their versatile applications and increasing consumer preference for healthier and sustainable options.
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The soy oil segment was valued at USD 96.60 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing significant growth due to the abundant supply of soybeans and favorable agricultural conditions. This market is driven by the increasing demand for plant-based proteins and ingredients, particularly soy protein, soybean oil, and soy-based food products. Innovations in the food industry, such as the development of new soy-based formulations and products, are catering to changing consumer preferences and driving regional market growth. Additionally, the rising consumption of processed and convenience foods, which often utilize soybean derivatives as ingredients, is further fueling market expansion. The adoption of soybean derivatives in animal feed and biodiesel production also contributes to the market's growth trajectory. Overall, the North American market is poised for continued expansion in the coming years.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for soybean derivatives from lactose-intolerant and vegan consumers is the key driver of the market. The global market for soybean derivatives is experiencing significant growth due to the increasing preference for plant-based alternatives in various sectors, particularly in food and beverages. With the rise of vegan and vegetarian diets, soy-based health products have gained popularity among consumers seeking to reduce their meat consumption. Soy derivatives, such as soy milk, offer nutritional properties that make them an attractive alternative to dairy products for individuals with lactose intolerance. These symptoms include bloating, cramps, diarrhea, and nausea, which can be avoided by consuming soy-based alternatives.
Moreover, soybean derivatives have functional ingredients that are essential in the production of biodiesel and serve as a crucial component in livestock production. The demand for soybean derivatives is expected to increase at a rapid pace during the forecast period, driven by the growing health consciousness and the need for sustainable alternatives in various industries.
The increased utilization of soybeans in animal Feed is the upcoming trend in the market. Soybean derivatives, particularly soybean meal, play a pivotal role in various industries, including animal feed and plant-based health products. Soybean meal is an indispensable protein source in animal nutrition, supplying essential amino acids for the growth and development of livestock, poultry, and aquaculture.
Furthermore, the burgeoning demand for meat and animal products, fueled by population growth and increasing incomes, has driven the expansion of the livestock and poultry farming sectors. In response to evolving consumer preferences and ethical and sustainable concerns, there is a growing interest in vegetarian and plant-based diets for livestock. Soybean meal, as a plant-based protein alternative, is well-positioned to meet this demand. Additionally, soybean derivatives find applications in biodiesel production and as functional ingredients in various industries due to their nutritional properties.
The presence of soybean substitutes is a key challenge affecting the market growth. The market is experiencing growth constraints due to the availability of alternative plant-based proteins. Consumers following Vegan or Vegetarian Diets are increasingly opting for soy-free options, with pea, wheat, rice, pulse, canola, flax, and chia proteins gaining popularity. These alternatives are widely used in the food and beverage industry as they offer similar nutritional properties and functional ingredients to soy-based health products. The high cost of soybean derivatives is another factor driving the demand for cheaper alternatives. For instance, pea, wheat, and rice proteins are commonly used in place of soy protein due to consumer preferences and cost-effectiveness.
Furthermore, the shift towards plant-based proteins is also evident in the livestock production industry, where soy is widely used as animal feed. Biodiesel production is another significant application of soybean derivatives, but the increasing popularity of other renewable energy sources is expected to impact the market's growth. Overall, the market for soybean derivatives faces competition from various plant-based protein sources, making it essential for market players to innovate and differentiate their offerings to remain competitive.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AOS Products Pvt. Ltd: The company offers soybean oil in different categories such as Food Grade, Pharma Grade, and Cosmetic Grade.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Soybeans are a versatile crop with numerous applications in various industries, including the food, animal feed, and biodiesel sectors. Soybean derivatives, such as soy meal, soy oil, soy milk, soy flour, and soy protein isolates, are popular due to their nutritional properties and functional ingredients. These derivatives are essential for vegan and vegetarian diets as they provide high-quality protein and essential amino acids and are cholesterol-free. In the food industry, soy-based health products have gained popularity as plant-based protein alternatives to animal sources. Soy milk, tofu, and soy protein isolates are commonly used in baked goods, snacks, dairy alternatives, and processed food.
Furthermore, soybean oil is used for food preparation and in the production of biodiesel. The livestock industry uses soy meal as animal feed for poultry, swine, ruminants, and aquafeed. The processing methods for soybean derivatives involve the use of water, acid, and enzymes. Lecithin, a byproduct of oilseed crushing, is in high demand for use as an emulsifier in food and pharmaceutical industries. Genetically modified soybeans are widely used due to their increased yield and resistance to pests and diseases. The demand for plant-based protein sources, including soybean derivatives, is expected to grow due to the increasing trend towards vegan and vegetarian diets and the need to reduce meat consumption. Ecommerce and online retail have also facilitated the easy availability of organic soy-based products and plant-based meat substitutes.
Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.29% |
Market growth 2024-2028 |
USD 91.35 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.93 |
Regional analysis |
North America, APAC, South America, Europe, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, India, Brazil, and Argentina |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ag Processing Inc., AOS Products Pvt. Ltd., Archer Daniels Midland Co., Arpadis Group, BASF SE, Bunge Ltd., Cargill Inc., CHS Inc., Crown Soya Protein Group, Fuji Oil Holdings Inc., Gujarat Ambuja Exports Ltd., Linyi Shansong Biological Products Co. Ltd., Nordic Soya Oy, Olenex Sarl, Patanjali Ayurved Ltd., Qingdao Foodrich Soya Tech Co. Ltd., Sonic Biochem Extraction Pvt. Ltd., The Scoular Co., Uday Oil Group, and Wilmar International Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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